External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We spoke to TK Group’s mgmt. post 1H25 results, and we reiterate our positive view on TK’s client wins (Meta, Insta360, Xiaomi), product pipeline (AI glasses, 360-cam, auto) and recent technology partnership (TactoTek).</li><li>1H25 revenue/net profit growth of 4.3%/8.8% YoY is largely in-line with our/Bloomberg consensus estimates, mainly driven by strong higher-margin mold fabrication business (+30% YoY), better GPM and improved operating efficiency.</li><li>For 2025, mgmt. remained positive on stable sales growth with improving GPM thanks to solid order backlog, new project rampup and Vietnam capacity expansion. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We spoke to TK Group’s mgmt. post 1H25 results, and we reiterate our positive view on TK’s client wins (Meta, Insta360, Xiaomi), product pipeline (AI glasses, 360-cam, auto) and recent technology partnership (TactoTek).1H25 revenue/net profit growth of 4.3%/8.8% YoY is largely in-line with our/Bloomberg consensus estimates, mainly driven by strong higher-margin mold fabrication business (+30% YoY), better GPM and improved operating efficiency.For 2025, mgmt. remained positive on stable sales growth with improving GPM thanks to solid order backlog, new project rampup and Vietnam capacity expansion. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TK Group (2283 HK) - 1H25 In-Line; Positive on Client Wins and Product Pipeline in AI Glasses...

TK Group (Holdings)

TK Group (2283 HK) - 1H25 In-Line; Positive on Client Wins and Product Pipeline in AI Glasses...